GSM Building at Middle Road up for sale again at same S$85m guide price

Jan 10, 2023

GSM Building at 141 Middle Road has been put up for sale in its second collective sale attempt, at an unchanged guide price of S$85 million, said Mount Everest Properties in a statement on Monday (Jan 9).

In its earlier sale attempt in August 2022, a bid of S$85 million was withdrawn before the sale and purchase agreement was entered into.

The building sits on a land plot spanning about 12,003 square feet (sq ft), with a balance lease term of about 59 years.

Under the Urban Redevelopment Authority’s (URA) Master Plan 2019, the site is zoned for commercial use. If the purchaser acquires the building for own use, the S$85 million price works out to approximately S$1,352 per sq ft per plot ratio (psf ppr).

An earlier application for provisional permission to redevelop the plot into a mixed commercial and residential project has been given in-principle support by the URA, the agent said.

Before the August 2022 bid, GSM Building was previously put up for sale in June 2020 at an asking price in the region of S$98 million with an upgrading premium of about S$18.6 million.

The corner triple-frontage building now has two retail units on the ground floor and 31 office units on the upper floors.

It is located close to Bencoolen station on the Downtown Line, Bras Brasah station on the Circle Line, and Bugis on the East-West Line and Downtown Line.

The building is also near shopping, lifestyle and healthcare amenities, including Bugis Junction, Raffles Hospital and Singapore Art Museum.

Hospitality facilities in the vicinity include JW Marriott Hotel, while educational institutions nearby include Singapore Management University and Nanyang Academy of Fine Arts.

The tender for GSM Building closes on Jan 27.